AUD/USD Price Analysis: Grinds higher past 100-HMA but 0.6670 prods Aussie buyers

AUD/USD seesaws around intraday high, struggles to defend three-day winning streak within immediate rising trend channel.
Clear bounce off 100-HMA lures Aussie buyers despite channel’s top line, 200-HMA prod further upside.
Bearish consolidation in play, fundamental clues eyed for clear directions ahead of RBA.

Anil Panchal FXStreet

AUD/USD bulls struggle around the intraday high of near 0.6665-70 as a short-term key upside hurdle prods the risk-barometer pair’s three-day winning streak amid early Monday in Europe. In doing so, the Aussie pair justifies the trader’s anxiety ahead of Tuesday’s Reserve Bank of Australia (RBA) Interest Rate Decision.

That said, the AUD/USD pair’s latest run-up could be linked to its ability to recover from the 100-Hour Moving Average (HMA). Adding strength to the upside bias is the quote’s sustained break of a downward-sloping resistance line from June 16, now support near 0.6620.

However, an upward-sloping trend channel since the last Wednesday, currently between 0.6670 and 0.6615, restricts the quote’s immediate upside.

It’s worth noting that the major currency pair’s run-up beyond 0.6670 needs validation from the 200-HMA hurdle of around 0.6690, as well as the 0.6700 round figure, to convince the AUD/USD bulls.

Even so, the previous weekly high of 0.6720 can challenge the pair ahead of directing the run-up toward the 0.6800 round figure and then to the last monthly peak of near 0.6820.

Meanwhile, the 100-HMA and the previous resistance line, respectively near 0.6645 and 0.6620, restrict the short-term downside of the AUD/USD pair.

Following that, the stated channel’s bottom line and the monthly low, close to 0.6615 and 0.6595 in that order, will act as the final defense of the Aussie pair bears.

AUD/USD: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	0.6667
Today Daily Change	0.0002
Today Daily Change %	0.03%
Today daily open	0.6665

Trends
Daily SMA20	0.6729
Daily SMA50	0.6674
Daily SMA100	0.67
Daily SMA200	0.6692

Levels
Previous Daily High	0.6672
Previous Daily Low	0.6603
Previous Weekly High	0.6721
Previous Weekly Low	0.6595
Previous Monthly High	0.69
Previous Monthly Low	0.6484
Daily Fibonacci 38.2%	0.6646
Daily Fibonacci 61.8%	0.6629
Daily Pivot Point S1	0.6622
Daily Pivot Point S2	0.6578
Daily Pivot Point S3	0.6553
Daily Pivot Point R1	0.669
Daily Pivot Point R2	0.6715
Daily Pivot Point R3	0.6758

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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